Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (August 2016)

61 slides from Ca Immobilien Anlagen's investor presentation, August 2016

  1. Slide 1: Company Presentation August 2016

    COMPANY PRESENTATION August 2016

  2. Slide 2: Company Profile

    Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Highly stable and resilient portfolio of high quality core offices  Focus on eight core business hubs in Germany, Austria and CEE: Berlin, Frankfurt, Munich, Vienna, Warsaw, Prague, Budapest a

  3. Slide 3: Key Investment Highlights

    Company Profile Key Investment Highlights CONSISTENT STRATEGY AND EXECUTION POWER 1 Management platform with considerable track-record of value creation over economic cycle HIGH-QUALITY INVESTMENT PORTFOLIO DERIVING STABLE RECURRING CASH FLOW 2 Highly stable and resilient yielding portfolio across k

  4. Slide 4: Consistent Strategy and Execution Power

    CONSISTENT STRATEGY AND EXECUTION POWER

  5. Slide 5: Integrated Business Model

    Strategy Integrated Business Model Investment Portfolio Management 1 1 INVESTMENT PORTFOLIO MANAGEMENT  Recurring Income  Recurring income and profitability through high portfolio occupancy of  93%  FFO I of € 0.82 per share in 2015 (33% 2012-15 CAGR) Optimized Financing CA 2 Development 2 4  S

  6. Slide 6: Strong Operations Platform Fundamental Basis for Future Growth

    Strategy Strong Operations Platform Fundamental Basis for Future Growth RECURRING PROFITABILITY (FFO I/SHARE) SHAREHOLDERS‘ EQUITY (NAV/SHARE) 90 0.82 0.90 0.75 22.50 60% 80 0.72 0.80 22.00 53% 53% 55% 70 0.70 21.50 60 0.60 21.00 50% 44% 20.50 45% 50 0.50 0.35 20.00 31% 40 0.40 40% 19.50 30 0.30 19.

  7. Slide 7: Strategy - Investment Portfolio

    Strategy - Investment Portfolio Carefully Developed Investment Portfolio Strategy Focused on Key Pillars 6 Resilient Cash Flows 1 Core Competencies  High occupancy levels  Leading and well recognized platform  Primarily multi-tenant buildings  Focus on office  Blue-chip tenant base  Unique str

  8. Slide 8: Strategy - Development

    Strategy - Development Proven Strategic Framework  High quality landbank as key competitive advantage - Major organic growth driver - Focus on core German cities - Expansion in other core hubs (e.g. Vienna, Bucharest) Develop to own Develop to sell / Reposition Internalized business 1  Ownership o

  9. Slide 9: Strategy - CA Immo and Immofinanz

    Strategy - CA Immo and Immofinanz Sequence Of Events STEP 1: ACQUISITION OF 26% IN CA IMMO KEY TRANSACTION PARAMETERS  O1 sold 26% stake in CA Immo to Immofinanz  Fair and transparent process  Transaction closed on August 2, 2016   Pre- and post-merger corporate governance that conforms to inte

  10. Slide 10: High-Quality Investment Portfolio Deriving Stable Recurring Cash Flow

    HIGH-QUALITY INVESTMENT PORTFOLIO DERIVING STABLE RECURRING CASH FLOW

  11. Slide 11: Property Portfolio (€ 3.7 bn)

    Property Portfolio (€ 3.7 bn)* Germany Accounts for  45% of Portfolio Value PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.7 bn  Germany largest single core market 7% 604.3 16% 8% 16%  Income- producing investment portfolio of Austria 1,424.9 7%

  12. Slide 12: Investment Portfolio (€ 3.1 bn)

    Investment Portfolio (€ 3.1 bn) High-quality Asset Base in Key Economic Centres of Central Europe KEY METRICS* 30.06.2016 31.12.2015 PORTFOLIO OCCUPANCY Gross initial yield 6.4% 6.5% 93% 92.7% Austria 5.6% 5.7% 93% 92.3% 92.2% Germany 92.1% 5.2% 5.3% 92% CEE 7.4% 7.6% 92% 91.3% Occupancy 92.3% 92.7%

  13. Slide 13: Property Portfolio - Austria

    Property Portfolio Austria PROPERTY PORTFOLIO AUSTRIA TOP TENANTS Portfolio value 611.4 Portfolio share 16% Investment portfolio 566.0 Portfolio share 15% Development portfolio 4.1 INVESTMENT PORTFOLIO AUSTRIA VIENNA Portfolio value 566.0 474.9 Yielding assets (#) 25 13 Lettable area (sqm) 385,700 2

  14. Slide 14: Property Portfolio - Austria - Vienna

    Property Portfolio Austria - Vienna 14

  15. Slide 15: Property Portfolio - Germany

    Property Portfolio Germany PROPERTY PORTFOLIO GERMANY TOP TENANTS Portfolio value 1,683.6 Portfolio share 45% Investment portfolio 1,118.3 Portfolio share 30% Development portfolio 310.0 INVESTMENT PORTFOLIO* GERMANY MUNICH FRANKFURT BERLIN Portfolio value (€ m) 857.3 398.3 200.9 426.4 Yielding asse

  16. Slide 16: Property Portfolio - Munich

    Property Portfolio Munich 16

  17. Slide 17: Property Portfolio - Berlin

    Property Portfolio Berlin 17

  18. Slide 18: Property Portfolio - Frankfurt

    Property Portfolio Frankfurt 18

  19. Slide 19: Property Portfolio - Eastern Europe

    Property Portfolio Eastern Europe PROPERTY PORTFOLIO CEE TOP TENANTS Portfolio value 1,538.7 Portfolio share 39% Investment portfolio 1,377.7 Portfolio share 37% Development portfolio 48.0 INVESTMENT PORTFOLIO CEE WARSAW PRAGUE BUDAPEST BUCHAREST Portfolio value (€ m) 1,377.7 291.2 263.1 281.5 260.9

  20. Slide 20: Property Portfolio - Warsaw

    Property Portfolio Warsaw 20

  21. Slide 21: Property Portfolio - Prague

    Property Portfolio Prague 21

  22. Slide 22: Property Portfolio - Budapest

    Property Portfolio Budapest 22

  23. Slide 23: Property Portfolio - Bucharest

    Property Portfolio Bucharest 23

  24. Slide 24: Investment Portfolio - Portfolio Metrics

    Investment Portfolio (€ 3.1 bn) Portfolio Metrics GROSS INITIAL YIELDS* WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9.0% 8.0 8.0% 8.0% 7.7% 7.5% 7.4% 7.0 7.0% 6.7% 6.4% 6.0 6.0% 5.6% 5.2% 5.0 5.0% 4.0 4.0% 3.0 3.0% 2.0% 2.0 1.0% 1.0 7.3 4.2 3.4 2.6 2.6 2.2 2.0 4.2 0.0% 0.0 Romania Hungary

  25. Slide 25: Top Tenants and Properties

    Investment Portfolio (€ 3.1 bn) Top Tenants and Properties TOP 15 TENANTS BY ANNUALIZED RENT* TOP 15 YIELDINGS ASSETS BY VALUE 6.7% Tower 185 (DE)** 183 2.3% Skygarden (DE) 181 2.0% Kontorhaus (DE) 135 2.0% River Place (RO) 109 1.9% John F. Kennedy - Haus (DE) 92 1.9% Kavci Hory (CZ) 89 1.4% Rennweg

  26. Slide 26: Unique Organic Growth Story in the Listed European Real Estate Space

    UNIQUE ORGANIC GROWTH STORY IN THE LISTED EUROPEAN REAL ESTATE SPACE

  27. Slide 27: Development - Well Positioned For Future Organic Growth

    Development Well Positioned For Future Organic Growth Tower 185, Frankfurt Tour Total, Berlin STRONG TRACK RECORD OF VALUE CREATION  Among Top 3 office developers in Germany with strong track record of blue chip tenant projects  Highly valuable land reserves in inner-city locations  Average renta

  28. Slide 28: Major Office Player in Germany with Proven Track Record

    Strategy Major Office Player in Germany with Proven Track Record DEVELOPMENT ANCHOR TENANTS LAND RESERVES 30 30 9% 9% 91 27% 121 36% CEE 97 Frankfurt 310 Germany 28% 91% Berlin CEE Munich DEVELOPMENT TRACK RECORD (DEVELOPED ASSET VOLUME OF  1.7 BN OVER LAST SIX YEARS) 196 68 542 €1.7bn 527 208 98 1

  29. Slide 29: Significant Embedded Value of German Landbank

    Development Significant Embedded Value of German Landbank DEVELOPMENT PIPELINE GERMANY DEVELOPMENT POTENTIAL ( € 2 BN)  Existing landbank reserves (fair value  € 300 m) offer the  € 2 bn potential to realize  0.8 m sqm of new space at a fair 0.4 BER value of  € 2 bn 0.1 DUS  Landbank developm

  30. Slide 30: Development - Berlin - Europacity

    Development Berlin - Europacity 30

  31. Slide 31: Development - Berlin - Europacity

    Development Berlin - Europacity 31

  32. Slide 32: Development - Berlin - Cube

    Development Berlin - Cube PROJECT IN PREPARATION STAGE  Prime office property development  Outstanding Europacity location between Central Station and German Chancellery   19.500 sqm gross floor area All figures (€ m) as at 30 June 2016, unless otherwise stated 32

  33. Slide 33: Development - Berlin - Baufeld 03/KPMG

    Development Berlin - Baufeld 03/KPMG PROJECT UNDER CONSTRUCTION  Phase 1 (100% pre-let to KPMG)  Planned lettable area 12,700 sqm  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 36 m  Expected yield on cost  5.8%  Construction phase 4Q 2015 - 2Q 2018  Phase 2

  34. Slide 34: Development - Berlin - Rieck I / Rieck II

    Development Berlin – Rieck I / Rieck II RIECK I (IN PREPARATION STAGE) RIECK II (IN PREPARATION STAGE)  Main usage office  Main usage office  Total investment volume (incl. plot)  € 35 m  Total investment volume (incl. plot)  € 65 m  Planned lettable area 9,500 sqm  Planned lettable area 17,

  35. Slide 35: Development - Frankfurt

    Development Frankfurt = CA IMMO CA IMMO Investment Properties Meininger Hotel Bd Shopping center Skyline Plaza Tower 185 Multy-storey car park + Seco pangeee Mannheimer- Strae HE CAIMMO-Projects under construction/ J Plot sold in preparation © CA IMMO Land reserve ‘Tower ONE BD Steigenberger Hotel ©

  36. Slide 36: Development - Frankfurt - Mannheimer Straße

    Development Frankfurt - Mannheimer Straße PROJECT UNDER CONSTRUCTION*  Main usage hotel  Total investment volume (incl. plot) € 54 m  Outstanding construction costs  € 45 m  Planned lettable area 17,200 sqm  Yield on cost  6.6%  Pre-letting-ratio : 94% (Steigenberger)  Construction phase 2Q

  37. Slide 37: Development - Frankfurt - Tower

    Development Frankfurt – Tower 1 PROJECT IN PREPARATION STAGE  Mixed use hotel/office high-rise  Height  180 m   80.000 sqm gross floor area  Plot neighboring Tower 185 (Europaviertel)  Development envisaged in joint venture All figures (€ m) as at 30 June 2016, unless otherwise stated 37

  38. Slide 38: Development - Mainz - Zollhafen

    Development Mainz - Zollhafen Rheinallee III ZOLLHAFEN MAINZ  Joint venture with Stadtwerke Mainz  Mixed/use development site of around 30 ha (realisation of approx. 355,000 sqm GFA in several phases  Rheinallee III (under construction)  Forward sale to Aberdeen Asset Management (€ 66 m)  Renta

  39. Slide 39: Development - Munich - MY.O

    Development Munich – MY.O PROJECT IN PREPARATION STAGE  Expansion of investment portfolio in Munich by a fourth high- quality office building (lettable area 26,500 sqm)  Located in the western part of Munich (Schlossviertel Nymphenburg neighbourhood) with good public transport connections (along S

  40. Slide 40: Development - Munich - Baumkirchen

    Development Munich - Baumkirchen PROJECT UNDER CONSTRUCTION PHASE 1 PHASE 2  Residential project  Development and sale of freehold flats  50/50 joint venture with Patrizia  525 apartments , thereof 425 sold  Investment volume c. € 130 m (CA Immo share)  Phase 1 completed, Phase 2/3 under const

  41. Slide 41: Development - Vienna - ViE Office

    Development Vienna – ViE Office PROJECT UNDER CONSTRUCTION  Office investment portfolio expansion in core market Vienna  Investment volume  € 38 m  Rentable area 14,700 sqm  Construction phase  Expected yield on cost  6.2%  Excellent location between Vienna airport and city centre Project Su

  42. Slide 42: Development - Vienna - Laende Residential Projects

    Development Vienna - Laende 3 Residential Projects Project Nord 2 Project Nord 2 RESIDENTIAL PROJECTS UNDER CONSTRUCTION  Project Nord 2 ( 18,400 sqm)  Joint venture with Austrian residential expert JP Immobilien  Investment volume c. € 60 m; 270 apartments  Planned completion 3Q 2018  Project

  43. Slide 43: Development - Bucharest - Orchideea

    Development Bucharest - Orchideea PROJECT UNDER CONSTRUCTION  Expansion of office investment portfolio in Bucharest  Monetization of a prime plot with excellent public transport connections in the western part of the city  Lettable area 36,900 sqm  Investment volume approx. € 74 m (incl. plot) 

  44. Slide 44: Development - Projects Under Construction

    Development Projects Under Construction Planned Investment Oustanding Gross yield Main Pre-letting Construction INVESTMENT PORTFOLIO rentable Share volume* investment on cost usage ratio phase area KPMG, Berlin 56 36 12,700 5.8% Office 100% 100% 3Q 15 – 2Q 18 Mannheimer Strasse, Frankfurt Steigenber

  45. Slide 45: 2Q 2016 Results

    wae CA IMMO URBAN BENCHMARKS. 2Q 2016 RESULTS

  46. Slide 46: Profit and Loss

    Profit and Loss Strong First Half 2016 Following a Record Result Last Year €m 1H 16 1H 15 yoy 2Q 16 2Q 15 yoy Rental income 2Q 2016 EARNINGS DRIVER 81.3 68.8 18.3% 41.1 34.1 20.8% Net rental income (NRI) 72.1 60.5 19.2% 36.9 29.3 25.8%  Net rental income increased by a significant 26% Result from h

  47. Slide 47: Funds from Operations (FFO)

    Funds from Operations (FFO) 1H 2016 FFO I per Share € 0.46 (+21% yoy) €m 1H 2016 1H 2015 yoy 2Q 16 2Q 15 yoy 2Q 2016 EARNINGS DRIVER Net rental income (NRI) 72.1 60.5 19.2% 36.9 29.3 25.8% Result from hotel operations 0.0 0.3 n.m. 0.0 0.3 n.m.  Net rental income increased by a significant 26% Incom

  48. Slide 48: Funds from Operations (FFO) - Robust Operational Development Drives Dividend

    Funds from Operations (FFO) Extremely Robust Operational Development Drives Dividend CONTINUOUSLY INCREASING RECURRING EARNINGS POWER 2Q 16 FFO I PER SHARE (YOY) 1H 16 FFO I PER SHARE (YOY)  1H 2016 FFO per share of € 0.46 up 21% yoy 0.26 +49% 0.50 +21% 0.24 0.45  Extremely robust operational deve

  49. Slide 49: Balance Sheet as at June 30, 2016

    Balance Sheet as at June 30, 2016 Robust Balance Sheet Structure solid Basis for Growth €m 30.06.2016 31.12.2015 +/- BALANCE SHEET Investment properties 2,760.4 2,714.3 1.7% Properties under development 443.7 409.0 8.5%  Rock solid balance sheet metrics comfortably within strategic target range des

  50. Slide 50: Balance Sheet - Solid Financial Ratios

    Balance Sheet as at June 30, 2016 Solid Financial Ratios BALANCE SHEET RISING RECURRING PROFITABILITY 35 2.8 3.0  Equity ratio 51.7% 2.5 30 2.2 2.5  Conservative loan-to-value ratio (net debt to property assets) of 37.1% 2.0 25 2.0 1.4  Gearing 57.5% 20 1.5  Moody‘s investment grade rating (Baa2

  51. Slide 51: Net Asset Value (NAV)

    Net Asset Value (NAV) Positive NAV - Development Reflects Value Enhancing Strategy STRONG NAV GROWTH MOMENTUM EPRA NAV PER SHARE (YTD) EPRA NAV PER SHARE (YOY) 26.0 26.0 +17%  EPRA NAV per share at balance sheet date € 25.68 +6% (31.12.2015: € 24.32) 25.0 25.5  Strong uplift since beginning of the

  52. Slide 52: Net Asset Value (NAV) - EPRA NAV per Share

    Net Asset Value (NAV) EPRA NAV per Share € 25.68 € m (diluted = undiluted) 30.06.2016 31.12.2015 NAV (IFRS equity) 2,153.5 2,120.5 Exercise of options 0.0 0.0 NAV after exercise of options 2,153.5 2,120.5 NAV per share 22.58 21.90 Value adjustment for* Own use properties 5.7 5.1 Properties held as c

  53. Slide 53: Financing - Debt Profile

    Financing Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE* 800 723  Average debt maturity 4.3 years Corporate bond 2006-2016 due in 700 September 2016 (€ 186 m, 5.125%)  Unsecured debt 600  Fully covered by corporate bond issuances 325  Corporate bond 2006-2016 (€ 186 m, 5.125%) 500 in 20

  54. Slide 54: Financing - Average Cost of Funding

    Financing Average Cost of Funding 2.8% Outstanding debt Nominal  Cost of debt  Cost of debt  Debt  Swap €m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 158.3 35.7 2.6% 2.6% 6.1 8.0 Germany 452.9 94.0 1.7% 2.2% 5.5 2.5 Czech Republic 119.7 54.4 1.6% 2.5%

  55. Slide 55: Exposure to High Quality Markets and Excellent Positioning

    EXPOSURE TO HIGH QUALITY MARKETS AND EXCELLENT POSITIONING TO CAPTURE STRONG OFFICE MARKET CYCLE

  56. Slide 56: Strategic Locations

    Strategic Locations Focus On Germany, Austria And Key Capital Cities in CEE GERMANY CEE  Leading position in the #1 European 2,916 € bn 395 € bn  Strategic foothold in the largest CEE economy #1 #1 economies 35.0 € 10.2 €  Strategy  Strategy + Focus on the three key hubs: + Capital cities only B

  57. Slide 57: Germany - Booming Office Occupier Market

    Germany Booming Office Occupier Market Across The Three Main Hubs SUPPLY AND DEMAND… SUPPLY DEFICIT (FOR Q2 2016) IN BERLIN AND MUNICH1  Demand for German assets continues to run at a very high level Take-up Delivery Take-up Delivery Take-up Delivery 557  In Q1 2016 Berlin’s, Frankfurt’s and Munic

  58. Slide 58: Germany - High Investor Appetite Driving Capital Appreciation

    Germany High Investor Appetite Driving Capital Appreciation INVESTMENT VOLUME… … HAS SEEN SIGNIFICANT INCREASES Investment volume in €bn Prime Office yields in % Growth  Lack of alternative investment options for institutional investors +23.3% 60 10% feeds the run on German properties 50 +14.3% +23

  59. Slide 59: Austria - Vienna

    Austria - Vienna Resilient Market Supporting Recurring Income And Stable Cash Flows OCCUPANCY RATES Occupancy 93.5% 93.4% 93.3% 93.3% 93.4%  • Resilience over time 2011 2012 2013 2014 2015 INVESTMENT VOLUMES Investment volume in €bn Prime Office yields in % Growth 5 +41.1% 10% 4 +5.6% (2.6)% +51.4%

  60. Slide 60: CEE - Focus on Capital Cities

    CEE Focus on Capital Cities GDP Growth  Higher than the average EU GDP growth 2.7% 2.8% 3.4% Positive Macro Dynamics  Political stability and investment-friendly environment of Average 1.9% the region EU28: 1.2% Avg 3yrs Avg 3yrs Avg 3yrs Avg 3yrs Unemployment 12.4% 11.0% 10.5% 6.8% 7.2% 6.8% 6.7%

  61. Slide 61: Investor Relations

    Investor Relations Contact Details Christoph Thurnberger Claudia Höbart Head of Capital Markets Investor Relations / Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 502 E-Mail: christoph.thurnberger@caimmo.com E-Mail: claudia.hoebart@caimmo.com www.caimmo.com/investor_relations/

CA Immobilien Anlagen — Investor Presentation (August 2016) on 6ix